EMEA Covenants Monthly

EMEA Covenants Monthly

During a year of many economic uncertainties, it was reassuring to see the usual ‘‘summer slowdown’’ of the European high-yield and loans primary market. Activity was limited to loans with a few add-ons and amend and extends, or A&Es, as expected. At Reorg, we used the summer sluggishness as an opportunity to reflect on new developments in 2023, such as the “snooze drag” technique to facilitate A&Es in leveraged loans and the drive to enhance transparency in the realm of ESG. In our continuing 101 education series, we explained the basics of a liability management exercise, or LME, and U.S. originated “lender-on-lender violence”...

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30+ Debtors File in US, China Real Estate Contagion Spreads…

30+ Debtors File in US, China Real Estate Contagion Spreads…

Interest rates remain a critical point of concern for global investors as distressed activity accelerates across North America, Europe and Asia. In North America, 32 debtors have filed for chapter 11 thus far in August, heavily represented by real estate names as commercial property owners wrestle with increased interest costs for floating-rate debt. While market participants are encouraged by benign consumer and producer price data, stronger-than-expected retail sales last week and Federal Reserve minutes on Wednesday highlighting “upside risks to inflation,” many now expect that a fed funds rate of over 5% will likely endure.  In the wake of the tragic Maui...

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Asia Credit Daily

Asia Credit Daily

Chinese regulators take further steps to cut down payments for home buyers and encourage banks to lower interest rates on existing mortgages, according to joint statements issued by the People’s Bank of China and National Administration of Financial Regulation on Thursday, Aug. 31. The minimum down payment will be uniformly reduced to no less than 20% for first home purchases and no less than 30% for second home purchases. The lower limit of mortgage interest rate for second home purchase had been adjusted to the level of related LPR+20 bps while the lower limit of mortgage interest rate for first...

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H1 2023 European Sustainability-Linked Bonds Wrap

H1 2023 European Sustainability-Linked Bonds Wrap

An Overview of the Sustainability-Linked Bond Market Following the issuance of the first European sustainability-linked high-yield bond by Paris-headquartered aluminum maker Constellium in 2021, the European high-yield SLB market has grown considerably. New issuance in the first half of 2023 was €4.2 billion, nearly double the €2.8 billion issued in the first half of 2022. While it is tempting to attribute this increase to a heightened awareness of sustainability among issuers and investors, it needs to be considered in the context of the growth in the size of the European high-yield bond market as a whole. Within Reorg’s coverage universe,...

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What were restructuring lawyers up to in H1?

What were restructuring lawyers up to in H1?

Download the report here The first half of 2023 exemplified volatility in the credit market, with notable activity in the banking, real estate, and healthcare sectors, sparking an increase in restructuring advisory activity and interest. The updated Reorg Advisor League Tables for the Americas utilize primary and proprietary data from Credit Cloud to analyze activities among Legal Advisors, Financial Advisors and Investment Bankers in the first six months of 2023 in order to benchmark their workload and approved fees. Legal advisors were well able to make their mark, outpacing restructuring activity in the whole of 2022 by several metrics. Source:...

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Advisor Insights Made Easy with Reorg’s League Tables

Advisor Insights Made Easy with Reorg’s League Tables

Download the report here The first half of 2023 was rife with restructurings, warranting continued, close examination of advisor hires as well as their final fees earned. The midyear Reorg Advisor League Tables: Americas analyze Legal Advisors, Financial Advisors and Investment Bankers across: Retention analyses: The retention tables include pre- and postpetition advisors, across both debtor and nondebtor engagements, and provide a comprehenve overview of the total number of new engagements initiated by each advisor in the first half of 2023. Fee analyses: The fee league tables show total final fees approved - and therefore earned - for each advisor...

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